The Supreme Court on Wednesday directed the Income Tax department to refund ₹733 crore for the assessment year 2014-15 to telecom major Vodafone Idea.
A Bench led by Justice U.U. Lalit ordered the department to pay the amount to Vodafone within four weeks subject to any proceedings that the department may deem appropriate to initiate in accordance with law.
The Bench also directed the I-T Department to conclude as early as possible the proceedings relating to the demand for refund by the telecom firm and the scrutiny of income by the I-T Department with respect to assessment years (AYs) 2016-17 and 2017-18.
Earlier years
Vodafone Idea, formerly known as Vodafone Mobile Services Ltd., had sought ₹4,759.07 crore in tax refund for AYs 2014-15, 2015-16, 2016-17 and 2017-18.
The firm had earlier unsuccessfully moved the Delhi High Court seeking a direction to the department to process and grant refunds for the AYs 2014-15 to 2017-18, along with interest.